Consolidating loans
Comments
-
Thanks all for all your responses. There is a lot to consider here and I will go through all of this with her tonight.0
-
I was unaware of that but will look into it and contact the bank ASAP, if she gets the money back then we'll pay the money to the other lenders and then change them all to standing orders.sourcrates wrote: »Direct debt’s are initiated by the lender, standing orders by the debtor, so you are in control.
Also are you not aware of the DD guarantee ?
Contact the bank and get the money returned.
Thanks for the heads up.0 -
I was unaware of that but will look into it and contact the bank ASAP, if she gets the money back then we'll pay the money to the other lenders and then change them all to standing orders.
Thanks for the heads up.
A creditor is not allowed to take more than they have already advised they will take by direct debt, but you have to be quick, usually the same day, but if it’s been longer, they may still be able to recall it.
Suggest she rings ASAP.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
As sourcrates says, tell her to get on to the bank and tell them the £600 was NOT authorised, only £50 so she wants the other £550 back.
You also say it's happenned before, so tell her to include those overpayments when she contacts the bank and get the bulk of them back if possible under the DD guarrantee - tell the bank that payment should be £50 and not a penny more - she had no notification of any increase over the agreed £50 so only £50 should have been taken.
As above, change DD's to standing orders - same details as DD but she has to set an end date for a SO and don't forget to cancel the DD's when the SO's are set up.0 -
Various templates for complaining under the dd guarantee here
https://www.directdebit.co.uk/DirectDebitExplained/Pages/Incorrectpayments.aspx0 -
Twice within the last 6 months the lender has taken out more than the regular monthly agreed Direct Debit amount. This month one of the lenders took over £600 instead of roughly £50.
She needs to complaint to the lender immediately if too late to recall via her own bank - and tell her to quote the Direct Debit guarantee as well - they should pay her (a small amount of) compensation.
Changing to standing orders is also an excellent idea. Consolidation definitely isn't especially if she's not great with finances!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards